For many people, creating a budget can be boring, stressful or confusing. Even if you know you need to have better control of your finances, figuring out where to start is often intimidating.

Everyone has financial goals, whether it be buying your first home, or saving for a new car or holiday -but that can require planning. Rather than adopting a one-size-fits-all budget based on other people’s priorities, think about what your priorities are, and how you can work toward them with what you have.

Here are our tips for budgeting with intention and purpose — in ways that work for you.

Knowing your cash flow
If your budget issue revolves around accidental overspending, it is essential that you get a clearer picture of what is flowing into and out of your bank account each month.

We recommend writing down how much income you make per month and compiling all your monthly expenses (e.g. phone and internet bills, rent or mortgage payments, etc.) into one document. Once you know how much is coming in and going out of your account each month, you’ll be able to cut back on any unnecessary spending.

Make your goals your mission
There is no better feeling than achieving your goals. Ensuring that your savings goals align with your mission can lead you to expenses that are no longer a priority, such as subscriptions you no longer use or expensive gym memberships. You’ll be surprised by how much those items add up to.

Stick to your plans
Sticking to a budget won’t happen overnight but here are 4 simple tips to help you on your way:

  • When doing your grocery shopping, always make a shopping list and stick to the list
  • If you’re an avid coffee lover take advantage of the free coffee in your office instead of paying $4 at your favourite coffee shop. This could save you $1,040 a year.
  • Do you go through countless bottles of water each month? Use a reusable water bottle and refill it throughout the day. You’ll be saving money and the environment all in one go.
  • Leave your credit card or debit card at home – if you don’t have it on you, you can’t purchase that new pair of shoes you really don’t need.

If you’re looking for financial advice, simply fill out our online form or contact The Loan Lounge on 02 9037 2825 today.


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